Re: OT: Capital gains in a Roth IRA - Saab General Bulletin Board - Saabnet.com
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Re: OT: Capital gains in a Roth IRA
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Posted by ussakl [Email] (more from ussakl) on Wed, 15 Jun 2005 13:23:35 Share Post by Email
In Reply to: OT: Capital gains in a Roth IRA, Chuck in SD, Wed, 15 Jun 2005 12:40:36
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I have had a Roth IRA for over 5 years now. To the best of my knowledge, NONE of the capital gaines is taxed. Neither now, nor when you pull it out. On the other side, I don't think you can deduct losses from a Roth either. Can't have it both ways.

The REGULAR Roth IRA is taxed upon withdrawl at your future tax bracket. Roth IRAs are not tax deductible now (as Regular IRA's are). Basically, you get to deduct any contribution to the Regular IRA every April. You cannot do this with Roth IRA. But, in the future, you are taxed on the Regular IRA's, and not taxed on the Roth.

Another cool thing I learned, and was still in effect as of April: Roth IRA's do not have a limit on what you can withdraw, penalty-free, for purchase of a 1st home or some medical expenses. I believe the regular IRA limits you to around $10,000 withdrawl at any point for a 1st home buy. So, if you made a chunk of money on your Roth, and want to buy a house now, you can withdraw up to 100% penalty free. (Not that a house is worth your future income, but it's an option).

Adam

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